Hyderabad: Two people, deceived by a city man after promising to extend the validity date of his credit card, were arrested Monday by Hyderabad Cybercrime Police.
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a person for goods and services based on the cardholder’s promise to the card issuer. pay him the amounts plus any other agreed fees. The card issuer (usually a bank) creates a revolving account and grants a line of credit to the card holder, from which the card holder can borrow money for payment to a merchant or under form of cash advance.
Vineet Singh (28) and Deepak Singh (32), both from Delhi, were arrested. Police say the duo called people by phone and posing as bank officials, told them their credit cards were about to expire.
“Under the guise of extending validity, they collected one-time passwords from cardholders and tricked them after withdrawing or transferring money from their accounts,” said KVM Prasad, ACP (Cybercrime ), Hyderabad.
Following a complaint from the victim, who lost Rs 50,000 to the gang, the cybercrime wing registered a case and traced the fraudsters to Delhi. A special team then reached Delhi and took them into custody.